Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the impact of increased automation and AI-driven financial workflows on the fintech sector; and what policy measures they are considering to support the UK's competitiveness in the digital economy.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
As set out in the Government’s Financial Services Growth and Competitiveness Strategy, the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start-up, scale and list.
The UK has a long history as a powerhouse of financial services innovation. The Financial Services Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech, and the sector attracted $3.6 billion of investment in 2025 - second only to the US. This drive to deliver innovation also includes the safe adoption of artificial intelligence (AI) by the financial services sector, which the Government believes is a major strategic opportunity, with the potential to power growth across the UK.
The Digital and Technology sector has also been identified as one of the key growth driving sectors for the UK, as part of our Industrial Strategy. The Government’s 2025 AI Opportunities Action Plan sets out our strategy on AI in particular, including putting in place the foundations to capitalise on the opportunities of AI. In January, a year after its publication, the Government announced that 75% of the recommendations committed to have been actioned, including developing AI talent through the £187 million tech first package and the designation of five AI Growth Zones across the UK, with streamlined planning and energy access.
The Government also recognises the huge productivity and growth opportunity that the adoption of digital technology offers the wider economy. The Technology Adoption Review focussed on adoption in the Industrial Strategy sectors and was published in June 2025, while DBT established the Digital Adoption Taskforce, working with industry members to identify the current needs of SMEs in their digital adoption journeys. Their final report was published in July 2025 with government response included in the Small Business Strategy. The Government is responding to these recommendations, including progressing with mandating e-invoicing and expanding successful firm level programmes such as Bridge AI.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the use of external industry expertise to support innovation in UK financial services through the appointment of AI Champions in the Treasury; and how this fits within their policy on the safe and responsible use of AI.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in FS and AI to drive growth, productivity, and deliver consumer benefits.
To help achieve that ambition, the Government has appointed Financial Services AI Champions, Harriet Rees and Rohit Dhawan, who will focus on helping firms seize opportunities of AI while protecting consumers and financial stability. The AI Champions will engage with industry experts, the regulators and other stakeholders to provide HM Treasury Ministers and officials with recommendations on areas of potential growth for AI in financial services and what action could be taken to seize the opportunities that AI brings in financial services.
The Government will carefully consider any recommendations before setting out its next steps, taking into account the benefits of innovation but also ensuring that risks are appropriately considered.
The Government will continue working closely with industry and regulators to inform our approach to safely capitalise on the opportunities AI presents while protecting consumers and financial stability as the technology continues to evolve.
Asked by: Liz Jarvis (Liberal Democrat - Eastleigh)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment her Department has made of (a) levels and trends in household and public sector indebtedness, (b) levels of corporate indebtedness, including debt associated with investment in artificial intelligence, (c) risks arising from asset-price inflation relative to trends in productivity and wages; and what assessment she has made of (i) the potential impact of those trends on the UK's financial stability and (ii)) the adequacy of contingency planning for a financial market downturn.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Bank of England’s Financial Policy Committee (FPC) is responsible for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system.
The FPC’s most recent (December 2025) Financial Stability Report notes that risks to financial stability increased during 2025, with key sources of risk including geopolitical tensions, fragmentation of trade and financial markets, and pressures on sovereign debt markets. The FPC also judged that many risky assets valuations remain stretched, particularly for technology companies focused on Artificial Intelligence (AI), and that this heightens the risk of a sharp correction. The report also notes that indebtedness measures indicate that UK households and corporates remain resilient in aggregate, but that the increasing role of debt financing in the AI sector could increase financial stability risks.
Overall, the FPC judges that the banking system is well capitalised, and strong enough to support households and businesses even in a period of stress.
HM Treasury, alongside the UK financial regulators, closely monitors markets conditions, as well as potential risks to UK financial stability. In the case of any disruption, the UK financial authorities have established mature coordination mechanisms to coordinate an appropriate response; and have a range of powers available to respond.
Asked by: Scott Arthur (Labour - Edinburgh South West)
Question to the Department for Energy Security & Net Zero:
To ask the Secretary of State for Energy Security and Net Zero, whether he has made an assessment of the potential merits of taking steps to provide financial incentives to support the adoption of Vehicle-to-Grid (V2G) technology.
Answered by Michael Shanks - Minister of State (Department for Energy Security and Net Zero)
Government is committed to supporting the rapid development and adoption of Vehicle-to-Grid (V2G) technology as it has the potential to reduce the cost of electric vehicle (EV) ownership whilst supporting the rapid decarbonisation of our energy system and lowering energy bills for all.
The 2025 Clean Flexibility Roadmap highlights actions that government, Ofgem and NESO are taking to support the roll out of V2G beyond innovation investments to date. This includes steps to make it more financially rewarding for EV drivers to utilise V2G through introducing legislation when parliamentary time allows to remove levies from being charged on electricity exported back to the grid. We are also considering incentivising vehicles with V2G capability, such as using innovative credit models within the zero emission vehicle (ZEV) mandate.
Asked by: Lord Alton of Liverpool (Crossbench - Life peer)
Question to the Department for Education:
To ask His Majesty's Government, in regard to the King's College London report The China question: managing risks and maximising benefits from partnership in higher education and research, published in March 2021, what action they have taken to reduce risks to intellectual property, academic freedom and financial stability; and what plans they have to improve management of those risks.
Answered by Baroness Smith of Malvern - Minister of State (Department for Work and Pensions)
We must distinguish between allegations of foreign interference and the positive impact that partnership and students from China bring to our higher education (HE) sector, economy and society as a whole.
HE providers are autonomous bodies, independent of government, and we expect the sector to be alert to security risks when collaborating with international partners, ensuring their compliance with relevant legislation and regulations.
Providers must also continue to make the appropriate financial decisions to ensure their long term sustainability, with the Office for Students (OfS) monitoring the risk of over reliance on overseas income at a sector level.
The department commenced strengthened duties on providers and on the OfS in relation to free speech and academic freedom. These duties have been in effect since 1 August 2025, and the Office for Students has also issued extensive guidance to HE providers on what they should do to ensure they effectively protect and promote free speech and academic freedom as per these duties.
The Department for Science, Innovation and Technology provides robust support to the UK's research sector on managing the risks of collaboration, including tailored advice from the Research Collaboration Advice Team, and the National Protective Security Authority and National Cyber Security Centre’s ‘Trusted Research’ guidance.
Asked by: Lord Alton of Liverpool (Crossbench - Life peer)
Question to the Department for Education:
To ask His Majesty's Government what assessment they have made of the King's College London report The China question: managing risks and maximising benefits from partnership in higher education and research, published in March 2021; and what action they have taken to reduce the risk of dependency on China for research, funding and student numbers.
Answered by Baroness Smith of Malvern - Minister of State (Department for Work and Pensions)
We must distinguish between allegations of foreign interference and the positive impact that partnership and students from China bring to our higher education (HE) sector, economy and society as a whole.
HE providers are autonomous bodies, independent of government, and we expect the sector to be alert to security risks when collaborating with international partners, ensuring their compliance with relevant legislation and regulations.
Providers must also continue to make the appropriate financial decisions to ensure their long term sustainability, with the Office for Students (OfS) monitoring the risk of over reliance on overseas income at a sector level.
The department commenced strengthened duties on providers and on the OfS in relation to free speech and academic freedom. These duties have been in effect since 1 August 2025, and the Office for Students has also issued extensive guidance to HE providers on what they should do to ensure they effectively protect and promote free speech and academic freedom as per these duties.
The Department for Science, Innovation and Technology provides robust support to the UK's research sector on managing the risks of collaboration, including tailored advice from the Research Collaboration Advice Team, and the National Protective Security Authority and National Cyber Security Centre’s ‘Trusted Research’ guidance.
Asked by: Rupert Lowe (Independent - Great Yarmouth)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, how many nights were spent in hotels by Departmental staff in financial year 2024-25 by the star rating of the hotel.
Answered by Ian Murray - Minister of State (Department for Science, Innovation and Technology)
The Department uses a travel management company to book hotel accommodation for staff. The star rating of the hotel is not recorded but the nightly cost of hotel accommodation has maximum cost levels set and are only breached when there is no suitable accommodation available within these limits.
Asked by: Neil O'Brien (Conservative - Harborough, Oadby and Wigston)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, how much annual grant funding was issued by the Aerospace Technology Institute (a) in total, (b) for Zero Carbon Emission Aircraft Technologies, (c) for Ultra Efficient Aircraft Technologies, (d) for Cross-cutting Enabling Technologies and (e) for Non-CO2 Technologies in each financial year since 2021-22.
Answered by Chris McDonald - Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
The Aerospace Technology Institute (ATI) Programme is jointly delivered by the Department for Business and Trade (DBT), Innovate UK, and the ATI. The Department does not hold the detailed breakdown requested but can confirm the total value of grants awarded, including those relating to non‑CO₂ technologies (see Table). Information on individual projects funded via the ATI Programme, including award values, project leads and focus areas, is published by Innovate UK (link here). Individual R&T projects may undertake activity that falls across several of the categories requested.
ATI Prog. Grant Award (£m) | 2021-22 (Batch 35) | 2022-23 (Batch 36, 37, 38) | 2023-24 (Batch 39, 40, 41) | 2024-25 (Batch 42, 43, 44) | 2025-26 (Batch 45, 46) |
Total | 89.2 | 218.9 | 220.0 | 212.2 | 143.4 |
Non-CO2 Prog. only | - | - | - | 1.3 | 6.1 |
Asked by: Baroness Altmann (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government what estimate they have made of the cost of compensation for the loss of inflation protection for benefits accrued before 1997 for past members of the AEA Technology pension scheme who were transferred out of the public sector scheme in 1996.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
We recognise the challenges members of the AEA Technology pension scheme face and are directly tackling the point you raise about the loss of inflation protection. The Chancellor announced at the Budget that this Government will introduce annual increases on compensation payments from the Pension Protection Fund and Financial Assistance Scheme that relate to pensions built up before 6 April 1997. These will be Consumer Prices Index-linked (capped at 2.5%) and apply prospectively (i.e. to payments going forward) for members whose former schemes provided for these increases.
I am pleased to confirm that past members of the AEA Technology pension scheme with pre-97 accrual will benefit from this measure.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the Department for Transport:
To ask the Secretary of State for Transport, pursuant to the Answer of 29 January 2026 to Question 108013, whether the Department has identified any financial year in which the cumulative efficiency savings attributed to Network Rail are expected to exceed the cumulative costs of the major technology investments cited in support of those efficiencies.
Answered by Simon Lightwood - Parliamentary Under-Secretary (Department for Transport)
Network Rail's overall Control Period 7 (running from April 2024 to March 2029) efficiency target is £3.9 billion, which it remains on track to achieve. This will significantly exceed the cumulative cost in Control Period 7 of the major technology investments previously cited (Digital Signalling, Electrical Safety and Delivery, and Project Reach).